Hyperliquid's price surged by over 15% in the past 24 hours and smashed a new ATH at $39.96 in the early trading hours.
Hyperliquid’s (HYPE) price surged by over 15% in the past 24 hours and smashed a new ATH at $39.96 in the early trading hours on Wednesday. The token’s market capitalization surpassed that of SUI to become one of the top 11 crypto assets. However, the bears have begun to extract the profit but the selling pressure is not expected to mount as the bulls seem to be poised to hunt for the next upper targets.
After a steep decline from the recent highs, the HYPE price witnessed a rebound from the crucial Fibonacci support level. Along with a rise in the volume, the rise in whale accumulation has also contributed to the HYPE price rally. Earlier, a popular on-chain platform, Lookonchain, reported a whale selling 395K HYPE and earning a profit of over $28 million after holding the token for nearly 5 months. This could be the potential reason for the current pullback, but multiple reasons point towards a continued upswing. One of the major ones is the accumulation by other whales.
As per the data shared by Lookonchain, 3 more whales have collectively accumulated nearly 137,929 HYPE worth over $5.33 million. In the times when the tide retreats, the whales have begun to stack, which flashes a huge bullish signal for the crypto. Along with this, the Open interest has reached a new ATH, hinting towards fresh liquidity entering the space. Besides, a viral post by Arthur Hayles predicting the HYPE price could be hitting $100 has also fueled speculation and market excitement.
What’s Next? Will HYPE Price Reach $100?
HYPE price decisively broke out of multi-week resistance around $30, transforming previous resistance levels into support. This has triggered strong buying pressure and led to a rapid price ascent of over 150% since the April lows. The whales have taken a substantial leveraged long position on HYPE, signaling their confidence in continued upward price action. Hence, after a small consolidation, the price is believed to revamp a strong rise and mark new highs.
The recent price action has elevated the HYPE price into the bullish range, and as the ADX is close to reaching the upper threshold, the strength of the rally has risen profusely. Moreover, the +Di & -Di are diverging apart, hinting towards the continuation of the bullish trend. While the RSI remains within the overbought range, the probability of forming a new ATH could persist.
The Hyperliquid price reached a new All-time high with an open interest of over $8.9 billion and daily trading fees of over $5.4 million. Moreover, more than $3.2 billion in USDC has been locked, which hints towards massive trader engagement and leverage on the platform.
Overall, Hyperliquid’s current rally is driven by a unique convergence of technical breakouts, whale activity, heightened trading volume, platform growth, and social buzz-though overbought signals suggest caution as well.
